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A Washington-based think tank has warned that Haiti urgently needs debt cancellation in order to address humanitarian needs and help the country withstand the effects of the global economic downturn.
The Centre for Economic and Policy Research says Haitian efforts to deal with economic challenges, are being compromised because of millions of dollars in debt service payments to foreign creditors.
The report describes the technical criteria that have prevented Haiti from receiving full debt cancellation under the International Monetary Fund and World Bank's Heavily Indebted Poor Country Initiative, but argues that there's no reason for further delay in cancelling the troubled Caribbean nation's debts.
The lead author of the report, Mark Weisbrot says the whole world knows that Haiti needs all the funds it can get.